No doubt, times are tough in Cincinnati, Hamilton County, the entire state of Ohio and across the country.
And we need to spend every moment possible figuring out ways to spark a local economic recovery—to put our families, our businesses and our local economy back on their feet.
But from this challenge, I think there is also a great opportunity for our county and region—a long-term opportunity.
I say this because even before the recession hit us, it's no secret that this community should have been doing better, and doing more, to compete in this 21st century economy. But the good news is that many of the short-term steps we need to take to spark a local recovery also happen to be the building blocks of strategies that will put us on far better footing for the long-term. So let's use the action called for by this economic crisis to not just solve that near-term crisis, but to make our region far more competitive—more competitive than we've ever been—for the long haul.
First, let's do all we can to help put middle class and working families on more solid financial ground, because these families, and their confidence and stability, will be the engine of any near-term recovery that happens.
To do this, we need to do all we can to help families stay in their homes, rather than fall victim to foreclosure. We need to help reduce the squeeze our families face from growing costs of health care, prescription drugs, energy, transportation, and the like—as well as provide the financial literacy that allows our families to make the most of what they earn. And we need to do all we can to provide the type of job training that will equip our families, and our young people in particular, to be prepared for the 21st century jobs that are in high demand.
We are already beginning to do these things to help get through today's economic crisis. But if we do all these things well, and permanently, we will also build a much stronger economic base for years to come.
Second, to recover from this tough economy, we need to do all we can to create and sustain good jobs in this community. This means building off our already strong corporate headquarter base to bring their suppliers and vendors here as much as possible, working to help our small businesses grow, and strategically taking advantage of the job opportunities that will come with green jobs, bioscience jobs, and other growing strategic clusters.
And to bring jobs here, we must make our region an easier place to do business. So we are overhauling our development process, while looking to regionalize certain functions—like tax collection and code enforcement—so businesses have the easiest time possible locating, working and expanding in Hamilton County.
And just as it will directly help our families and workers to give them the 21st century job skills they need, having a highly educated and skilled workforce is probably the best way to draw the job-creating businesses that are looking for skilled workers to do the work they need done. This also means doing all we can to build the quality of life and sense of place that will attract and retain the highly skilled young professionals that are the driving force of the new knowledge economy.
Again, these job creation strategies will not just help in the short-term, but in the long run.
Third, we need to invest.
And of course investing in infrastructure, in transportation, in community revitalization, in brownfield redevelopment, creates jobs in the near term. But more importantly, if we're smart, the greater job creation will come after the investments are made.
Because if we are smart and strategic in our investments, we will have:
- Built roads and rail spurs that lead to new commercial development and greater global access;
- Cleaned up and redeveloped brownfield sites to create development-ready business sites—so we have attractive locations to offer local companies (as we did Graeter's) who want to expand their business, or to firms from outside our area looking for a new place to take their business;
- Created exciting new destinations, like the Banks Project, for visitors, businesses, and residents to live, work and play; and
- Cleaned up our environment and enhanced our quality of life by upgrading our sewer infrastructure, investing in new green technologies across the board, and adding new assets such as bike trails and parks.
And importantly, to do all this well, we will need governments and the private sector to partner more closely together than they have before. In this tough economy, we can not afford to let turf fights, jurisdictional boundaries, and bureaucratic lines waste precious resources, or keep us from getting the job done.
If we proactively do all these things to get our local economy back on its feet, I am confident we will also make ourselves far more competitive over the long haul in this highly demanding 21st century economy.